St Barbara Limited has provided an update on its Nova Scotia operations, outlining significant progress across several key projects. The company’s 15-Mile Processing Hub Prefeasibility Study remains on track for completion by Q3 March FY26. The study is now evaluating the integration of the Cochrane Hill asset with the previously proposed combination of the 15-Mile and Beaver Dam projects, but with increased throughput. Recent changes in the permitting environment are noteworthy, with Nova Scotia officially including gold among its Provincial Strategic Minerals and socio-economic analyses suggesting that the project could add approximately one percent to the province’s annual GDP. In addition to the processing hub developments, progress at the Touquoy site has been robust. Closure and reclamation activities have yielded strong results, with gold sales from decommissioning efforts totaling A$14 million over FY25 and reclamation works reaching A$18 million since the Touquoy processing plant’s closure. Further engineering studies are anticipated to reduce the estimated final cover design cost for the tailings management facility by roughly A$7 million, contributing to a potential overall reduction of A$25 million in future reclamation bond submissions. The company is also moving ahead with renewable energy initiatives through a conceptual design for an 80MW closed-loop Pumped Hydro Open Pit Energy Storage facility at Touquoy. The design leverages the open pit as a lower reservoir and includes technical features such as an upper reservoir formed by a 2,430-meter long, 15-meter high closure dyke, two steel penstocks, and a concrete gravity powerhouse. With an estimated round-trip efficiency of 85% and an operating life of around 40 years, this project offers a long-duration, cost-effective alternative to conventional lithium-ion battery storage, aligning with Nova Scotia’s clean power targets. Structurally, St Barbara Limited has reorganised its Nova Scotia subsidiaries. The projects related to the 15-Mile, Beaver Dam, and Cochrane Hill assets, along with other regional exploration tenements, have been transferred to a new subsidiary focused on future gold developments. Meanwhile, the existing subsidiary will continue advancing the Touquoy mine reclamation and the renewable energy projects. As a result of updated freehold land valuations and an assessment of prior exploration transactions, a non-cash reduction of C$33.7 million (approximately A$37.8 million) will be recorded in the FY25 financial results. Additionally, the company is reviewing third-party proposals for the separation of its Atlantic operations, with further decisions expected in Q1 FY26. Market sentiment stemming from these developments is mixed. On the bullish side, investors may find encouragement in the company’s forward momentum—marked by the successful progress of the 15-Mile Processing Hub study, significant cost-saving achievements at Touquoy, and strategic forays into renewable energy storage. The supportive regulatory backdrop in Nova Scotia further bolsters this positive outlook. Conversely, potential bearish factors include uncertainties surrounding the finalisation of separation proposals, the integration of expanded project scopes, and possible delays or cost escalations in the feasibility studies. These factors present a balance of opportunities and risks as St Barbara Limited advances its multifaceted Nova Scotia strategy.